By Mervyn J. King
Monetary associations around the world grapple with the issues of right felony recording of purchaser transactions--whether an easy inventory alternate or conversion of currencies. This publication indicates banks, brokerages, mutual fund businesses, and a bunch of economic associations find out how to enhance and improve operations administration to make sure cautious and actual again workplace task and transactions payment.
Read or Download Bank and Brokerage Back Office Procedures and Settlement: A Guide for Managers and Their Advisors PDF
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Extra resources for Bank and Brokerage Back Office Procedures and Settlement: A Guide for Managers and Their Advisors
Example text
For example: · Codes for releasing payments through Society for Worldwide Interbank Financial Telecommunications (SWIFT), Central de Livraison de Valeurs Mobilières (Cedel), Euroclear, etc, should be restricted to those authorised to release such payments. · Sensitive information (eg, revaluation rates/programmes) should be either password or 'view only' protected to prevent unauthorised access/tampering. · All staff with password protected access should be trained to sign off when away from their terminals.
Settlements. · Middle office. · Support. Page 16 Normally the justification for the specific title describing the role is dependent upon the size and role of the front office. 2), what is/should be the function of this area? 3. Reputation Any institution needs to protect its reputation in what is a most competitive market. An excellent service from the front office can all too easily be destroyed by an inefficient back office. Thus a courteous, efficient processing and follow-up operation can make all the difference.
Page 11 Each of the situations cited above has led to a renewed attempt to impose further controls from without, when the original problem stemmed from withineither through lack of internal controls or failure to maintain them. The original Banking Act of 1879 might have been expected to put that right, requiring, as it did, 'every bank which registers under the act to publish at least once per year its exact financial position . . and to submit their books to external auditors'. Such optimism had not anticipated the Bank of Credit & Commerce International (BCCI) scenario.